Global Entrepreneur Work Permit

The Global Entrepreneur Work Permit is a specialised work permit issued by Bermuda's Department of Immigration that enables foreign entrepreneurs and investors to reside and work in Bermuda while establishing and domiciling a new company on the island. Governed by the Bermuda Immigration and Protection Act 1956 and the Work Permit Policy (most recently revised effective 1 May 2026), the permit targets global investors and founders who wish to incorporate an exempted company or a section 114B start-up under the Companies Act 1981. This is a self-directed founder/investor permit for your own venture — it is not employer-sponsored, no advertising of the position is required, and it is granted at the Minister's discretion upon being satisfied that the applicant is a bona fide investor or businessperson likely to domicile a company in Bermuda.

• Foreign national intending to incorporate an exempted company or obtain a section 114B start-up certificate in Bermuda
• Must have a business relationship with a Bermudian or Bermuda-based business services company (required to provide a verification letter)
• Must satisfy the Minister of being a bona fide investor or businessperson capable of meeting compliance or financial requirements, or of raising capital
• Police certificate valid for at least 6 months (mandatory for all first-time work permit applicants)
• English language proficiency (extended to Global permit holders under the May 2026 policy; exceptions apply for English-speaking countries and English-language degree holders)
• No specific educational qualifications and no fixed minimum capital figure — the financial assessment is at the Minister's discretion

Work activities under the permit are limited to:

• Business planning for the new venture
• Seeking government or regulatory approvals
• Meeting compliance or financial requirements
• Raising capital

All activities must relate to the exempted company or section 114B start-up being established. The permit does not authorise general employment in Bermuda.

• Letter of application to the Department of Immigration justifying the request
• Letter from a Bermudian or Bermuda-based business services company verifying the applicant's intent
• Completed Global Entrepreneur Work Permit Application Form
• Police certificate valid for a minimum of 6 months

The permit holder must incorporate an exempted company or obtain a section 114B certificate under the Companies Act 1981:

• Exempted companies are exempt from the 60% Bermudian ownership requirement and are intended for businesses operating primarily outside Bermuda. A section 129 ministerial licence may be required for local operations.
• Section 114B companies allow a locally incorporated company without majority Bermudian ownership to operate in Bermuda with ministerial approval.

Incorporation is handled via the Registrar of Companies (registrarofcompanies.gov.bm). The licence application fee is BMD 2,100, with an annual renewal fee of BMD 1,000.

The permit is valid for 1 year. There is no multi-year option (unlike New Business Work Permits, which can be issued for up to 5 years). Upon permit expiry, if the holder wishes to remain, they must transition to a Standard Work Permit or another appropriate category as the company becomes established. Upon termination, holders have a 90-day grace period to settle their affairs. Working after permit expiry without renewal results in mandatory departure and a minimum 12-month waiting period before a new permit will be considered.

Work permit holders may sponsor dependants — unmarried partners and children under 18 (or up to 25 if in full-time education) — to reside in Bermuda. Spouses are not classified as sponsored dependants; they may apply for an Entry/Re-entry permit that allows them to seek employment, but must obtain a separate work permit before starting work. Dependant children may reside in Bermuda but may not seek employment (volunteering with registered charities or non-profits is permitted). Household income thresholds apply: BMD 60,000/year for a 2-person household, up to BMD 125,000/year for a 4-person household.

Bermuda does not levy personal income tax. Entrepreneurs operating a business are subject to:

• Payroll tax — self-employed persons pay both employer and employee portions at progressive rates on remuneration capped at BMD 1,000,000 per annum (for FY 2026/27 the top employee band reaches 12.5%)
• Corporate services tax — applies if the entity provides services to exempted companies
• A 15% corporate income tax applies only to entities that are part of multinational enterprise groups with annual revenue of EUR 750 million or more

Applications are submitted to the Department of Immigration, 30 Parliament Street, Hamilton HM 12, Bermuda (tel: +1 441-295-5151 x1940). The permit fee is BMD 1,955 for a 1-year permit. Work permit applications regularly take 12–16 weeks from submission; under the May 2026 policy revision the standard processing target was increased to 30 working days, with hard-copy permit issuance standardised to 10 business days after approval. The Minister grants the permit upon being satisfied that the applicant is a bona fide investor or businessperson likely to domicile a company in Bermuda.